I Have $1.7M With a Financial Advisor and Pay a 1% Fee. Is That Reasonable?

Core Insights - The article discusses the varying costs of financial advisory services and emphasizes that the value of these services depends on the advisor's skills and the specific services provided [1][2]. Fee Structures - Financial advisors typically charge fees based on a percentage of assets under management (AUM), which was reported as the primary revenue source for 82% of advisors surveyed in a 2022 study [3][6]. - Common fee structures include hourly rates, fixed fees for specific services, and performance-based fees that apply when certain goals are met [6][7]. Services Offered - Financial advisors provide a range of services, including tax strategy development, budgeting, and comprehensive financial planning, tailored to meet clients' specific needs [7].